How to Buy a House – Process of Buying a House in the UK

Process of buying a house in the UK


How to Buy a House – Process of Buying a House in the UK

Are you thinking about buying a house in the UK? You’ll be pleased to hear that the UK property market is considered a sound investment opportunity. Whether you’re buying your first home, investing in a buy-to-let or you’re thinking of moving house, we’re going to talk you through the process of buying a house in the UK.

For some people, buying a house is the biggest single purchase, that they’ll ever make. So, the process of buying a house can be a little daunting. The average price of a house in the UK is £231,000. So, let’s go through each stage, from finding the perfect property to securing a competitive mortgage.

Process of buying a house in the UK
Process of buying a house in the UK

How Much Can You Borrow to Buy a House

First, let’s talk about finances. It’s important to understand how much you’ll actually be able to borrow from a mortgage lender before viewing houses. This will give you a clear idea as to what is within your budget.

Often you can check how much money a mortgage lender will allow you to borrow online. Lenders such as banks and building societies will usually have mortgage calculators on their websites that will give you a ballpark figure of how much you might be able to borrow towards a house. You can also do this on Finavo in less than 10 minutes.

Once you’ve got a good idea of how much you can afford, it’s time to get a decision in principle. This statement from a mortgage lender details how much you’re able to borrow towards a house. However, this does not guarantee that your mortgage application will be approved.

A decision in principle is a good thing to have when making an offer on a house, as estate agents and sellers are more likely to favour offers made from buyers with this document in place.

Process of buying a house in the UK
Process of buying a house in the UK

Finding the Perfect Property – Buy a House in the UK

Viewing properties is one of the most exciting parts of buying a house. You can often book a viewing with a trusted estate agent who can answer any questions you may have about the property, the price and the location.
One thing to bear in mind when searching for the perfect property is location. Consider why you’re buying the house. If you have a young family or you’re planning to have children at some point, look for safe streets, good schools and parks close by. If you want to buy a house to rent out, think about storage, driveways, garden size, upkeep of the property and public transport links.

Process of buying a house in the UK

Making an Offer – Process of Buying a House

If you think you’ve found the perfect place to buy, it’s time to make an offer. This is a key part of the process of buying a house in the UK. It’s a delicate negotiation. If you put in a low offer, you risk offending the seller. If you go in with the asking price, you might have missed an opportunity to get a better deal.

To make a strong offer, consider the following things:
(i) Does the property require work, renovating, fixing, redecorating?
(ii) Has the property been on the market for a while?
(iii) Are there any other buyers interested in the property?
(iii) Find out the average property price within the area

If the property requires additional work, this is a good way of negotiating the price with a seller. Also if it’s been on the market for a long time, the seller might be finding it difficult to sell the house. Again, this is another good point for negotiation.

On the other hand, if you’ve fallen in love with the house and there are other people interested in it, make your passion and love for the property known to the seller. Often sellers are keen for their homes to go to a new loving owner.

Process of buying a house in the UK
Process of buying a house in the UK

Mortgage & Conveyancing

If you’re lucky enough to have your offer accepted it’s time to start a full mortgage application.

First of all you’ll need to instruct a conveyancer. The conveyancer will access the house to make sure it is structurally sound. This process can take up to 8 weeks. It’s a vital part of your mortgage application as it will confirm to your mortgage lender the property value and highlight any potential problems with the house. Hopefully this will be a straightforward process and no major structural problems will be found.

Once this is complete, you can continue with your mortgage application. This is when your lender will take an in-depth look into your financial situation. You will likely need to provide documents such as:
● Proof of income
● 3 to 6 months of bank statements
● Most recent p60
● Proof of address
● Passport / drivers licence
● Utility bills

If you are accepted for the mortgage, your solicitors will contact and deal with the seller’s solicitors in order to change the property over to your name. You’ll also be told when you will exchange contracts and complete the process. Once complete, congratulations, you’re the new homeowner!

How Finanvo Can Help You Buy a House

If the process of buying a house seems a little confusing and you want to make sure that you secure the best mortgage deal, let Finavo guide you! We specialise in providing the best mortgage advice for first time buyers and we search every lender on the market on your behalf.

Our super easy to use website allows you to find out just how much you can borrow in less than 10 minutes. We are also based in the UK and we are authorised and regulated by the Financial Conduct Authority. Take those first steps towards buying your dream home.

Find out how much you could borrow to buy a house in the UK with Finanvo.

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